In the bowl of a standing mixer, cream butter, shortening, and sugar until creamy. Beat in egg and almond and vanilla extracts. Mix in flour and salt until combined.
Remove half of the dough and set aside. To the remaining half of dough, add red food coloring and mix until incorporated.
Roll equal sized portions of each color dough into ropes. Place ropes side by side and gently roll together twisting to form a candy cane shape. Place on a parchment-lined baking sheet. Bake for 8 minutes, but do not brown. Let cool.
If desired, garnish with a drizzle of white chocolate or a sprinkling of powdered sugar or crushed peppermint candies.